Western Sugar Co. officials look to finish the company buyout by the Rocky Mountain Sugar Growers Cooperative as early as March 31, according to the Associated Press. The Cooperative is conducting a feasibility study and is looking to outside sources for funding to add to the $2 per acre growers have contributed.
So far, the co-op has secured a $25,000 federal grant with the help of the Wyoming Business Council. The cities of Lovell, Powell and Cody have each contributed $4,500 as well. Local banks pitched in another $7,000. It also has secured around $50 million at an interest rate of 9 percent.
Tate and Lyle, the British Company that owns Western Sugar Co., has agreed to a grower buyout offer of $78 million. Participating growers will have to purchase one share of preferred stock, worth $100, and pay $185 per acre by late February for each acre they wish to suscribe to secure the rest of the funding needed.
An engineering consultant is evaluating the plants as well. If a problem arises, the co-op will halt the buyout proposal.